I Can Quit Short Sales Any Time I Want...

By
Real Estate Broker/Owner with David Wain Realty, LLC

Everything Goes Well Until...

Just last November I took on a short sale listing. I did my comparables to make sure to price it just a tiny bit over market, knowing what price would most likely acceptable to the bank. The home is in perfect shape and very show ready. The homeowner has it decorated with good taste and it appeals to many clients who are tired of seeing homes that are not in ready-to-market condition. (This is another common phenomena I want to blog about soon.)

The First Week Gets Us the Buyers

We had immediate response to the listing both from the sign out front and the MLS Realtors(R). We get a few loony low-ball offers - the banks won't go for those anymore. We get a few offers from dreamers and one special offer that was from a qualified buyer (a couple who had been engaged for ywo years). The offer was a few thousand lower than I thought would be a good sell to the bank so I offered to accept their contract and keep the home on the market or come to our price and they would be the only contract. They chose the latter.

Another Short Sale Deal Bites the Dust

Well, with all paperwork submitted to the short sale negotiator, who is a real get-it-done great track record type and we start with the bank and our new contract. Considering the holidays we're on schedule and get a call for the BPO. A good sign as many of you already know. No complaints so far from the bank even after the appraisal is in. We're looking good, well, we were looking good until the buyer's agent called me last night. The engaged couple is no more and they want out of the contract. Yikes, that came out of nowhere!

Keeping Those Inquiries Handy, Even When You Think You Don't Need Them Anymore...

Fortunately, even though the listing was pended on the MLS, I did take names and numbers of the "sign callers" and actually got a few buyer clients that way. Tomorrow, I start showing the home again but this time we are closer to a short sale approval since the first contract is still being processed. Hopefully, I'll get a sale with the same price and terms and be able to use the new contract - assuming one shows up - in lieu of the first one. 

I Swore Off These Short Sales but I feel Like a Smoker Who Says He Can Quit Anytime He Wants

The smoker knows that because he's quit so many times before! I guess these short sales are here to stay but I am hoping for a very "short" period of time! In the meantime, I'm going to quit these short sales again after this one is over. Yeah, right!

Comments are welcome

Comments (2)

Troy Funk
Allison James Estates & Homes, Sarasota 941-957-3737 - Sarasota, FL
Broker / Associate

I guess these short sales are here to stay but I am hoping for a very "short" period of time! -  Brian, these are here for a Long time (just check the news). 

Jan 13, 2011 02:46 AM
Joseph Michalski
Precision Home Inspection - Lansdale, PA
PA Home Inspector

That's a great story, Brian.  As the inspector, I don't often know what it takes to get a short sale done, but it sounds like a HUGE investment of time and plenty of aggravation.  Nice post!

Jan 25, 2011 01:09 AM